ASEAN’s first online car exchange challenges status quo of automotive industry and puts the joy back into buying a car
Kuala Lumpur, 23 August 2016 – A total of 666,674 vehicles were sold last year in Malaysia according to the Malaysia Automotive Association (MAA). This is not surprising, given that Malaysia, with a population of 29.7 million, has the second highest car ownership in the Asia/Pacific region after South Korea, with 82% of its households owning at least one car, according to a 2015 report by Pew Research Centre.
This points to one undeniable fact – Malaysians love cars. Unfortunately, buying a new car usually involves the hassle of meeting and negotiating with multiple dealers that are spread over different locations in order to acquire the best bargain. This time-consuming and oftentimes stressful part of the journey – particularly for those living in semi-urban and rural areas that lack sufficient car dealerships – often takes away from the joy of owning a brand new car.
Tookar (www.tookar.my), ASEAN’s first online car exchange for dealers, sellers and buyers, is about to change all that and revolutionise the entire car-buying experience.
Challenging the status quo of ASEAN’s automotive industry, Tookar provides a seamlessly-pleasant car-buying experience. Leveraging on the power of the Internet and mobile technology, the online automotive exchange places the buyers in the driver’s seat and puts the joy back into the car-buying experience by eliminating tedious negotiations with middle-men.
At the launch of Tookar recently, Dato’ Wei Chuan Beng, Angel Investor and Co-Founder of Tookar, explained how this revolutionary idea was conceived, “The way new cars are bought hasn’t changed much over the past century. The fun part is going to car show-rooms to view and test-drive various cars, and then comes the not-so-fun part – negotiating with multiple dealers to get the best bargain. We wanted to change this second part of the car-buying process. We thought, ‘Hey, how can we skip all the unpleasant, stressful and tedious visits to multiple dealers, but yet get a great bargain on our dream car?’ This was the impetus for us to create Tookar – to offer prospective car buyers a fun, simple and hassle-free car-buying experience.”
With Tookar, buyers are able to name their price – or more specifically, request for desired discounts (off the standard list price) for a specific car model. Similarly, sellers from multiple authorised car dealerships may also offer their discounts on Tookar. One of the key advantages of this platform is that it allows buyers to negotiate for the best deals with all the dealers simultaneously.
Once the buyer and seller agree on a price, a match is made using Tookar’s two-way auction paradigm – similar to that used in the stock exchange – and the deal is sealed with an online deposit and signing of the VSO (Vehicle Sales Order). The seller will then prepare the car according to specifications and finally deliver it right to the buyer’s doorstep! The entire process is convenient, efficient and stress-free for both parties.
“As far as we are aware, Tookar is a world’s first and a game-changer for selling cars. Our innovative system empowers buyers and sellers from all walks of life to trade cars online, to reap the benefits of the best bargains, and at the same time, experience free and efficient market pricing. This is our way of contributing to free and fair trade, and making a much larger dent in the universe,” added Dato’ Wei, who envisions Tookar setting new industry standards and emerging as ASEAN’s largest online car exchange service within the next three years.
Tookar is spearheaded by a highly-experienced team of entrepreneurs who aspire to elevate the experience of buying cars and redefine how new and used cars will be bought and sold in Malaysia and throughout ASEAN. Tookar’s Angel Investor and Co-Founder, Dato’ Wei, is also one of the founding members of integrated telecommunications and digital solutions provider, REDtone group, listed on Bursa Malaysia.
To commemorate the official launch and in conjunction with Merdeka Day, Tookar is celebrating Freedom to Malaysians by offering RM300 worth of Lazada cash vouchers to customers using Tookar online services from 22 August to16 September 2016. Vouchers will be provided to customers upon delivery of their chosen cars.